Top 4 New Year's Resolutions for Small Business Success

The New Year is a time many people reflect on their accomplishments and success of the previous year and set goals for the year ahead. If y...

The New Year is a time many people reflect on their accomplishments and success of the previous year and set goals for the year ahead. If you are a business owner, now is the time to think about what went right in 2019 and how you can make 2020 even better. Here are the top four important resolutions to get you started.

Top 4 New Year's Resolutions for Small Business Success

1. Reevaluate Your Business Protection

The new year is a great time to look over your insurance coverage levels and make sure your business is adequately protected. If you've recently acquired new employees, buildings or equipment, it may be time to increase your coverage. Talk with your insurance representative to make sure your comprehensive coverage plan is still working for your current business situation.

Proper business protection involves more than insurance, however. While insurance can help cover your losses after an incident occurs, a quality security camera system can help prevent issues before they happen. Invest in a high-quality system that includes business protection features, such as digital IP systems or vandal-proof cameras. Security camera systems are a crime deterrent and an insurance deduction, and your investment can give you peace of mind about the security of your business facilities. More importantly, a premium system will give you better evidence for taking action quickly if an incident of vandalism or theft occurs.

2. Improve Your Online Presence

In today's mobile world, expanding your business through online platforms isn't just a new fad, it's a necessity. In fact, research from PricewaterhouseCoopers LLP shows that 83 percent of US shoppers will search online before making a purchase in retail stores. Businesses without a strong online presence are at a clear disadvantage, and putting emphasis on your business' online presence in 2020 can give your company a competitive edge this year.

Take a look at your website, social presence and search engine rankings, and look for ways to secure or improve the online presence within your industry. This may involve posting to your blog more frequently, branching out into new social platforms or updating your website content. Connecting with customers through forums or review sites can also help expand your online reach.

3. Learn More About Your Industry

Another way to set yourself up for a successful year is to learn more about your industry. Attend a new conference, invest in industry certification or spend some time and money learning about new trends. Many competitive advantages in business come from cutting-edge opportunities, so it's important to stay well informed as those opportunities evolve.

Since knowledge is important to grow businesses, it's advisable to make learning a focus of your entire company culture. It's important for the owner or CEO of a business to be well informed, but it's equally important for employees to be properly trained and have continuing education opportunities. Consider adding a learning incentive in the form of paid training, education reimbursements or participation in industry conferences. All of these efforts will reinforce the importance of continual learning throughout your business.

4. Protect Your Assets And Build In The New Year

Impactful resolutions start with protecting what you've already created and developed new opportunities. Protect your physical assets through proper insurance coverage and security systems, and protect your online assets by evaluating your online initiatives and working to improve them. Use a strong online presence and additional knowledge gained throughout the year to set your business up for some major wins.